Common use of Actions Prior To Withdrawal or Termination Clause in Contracts

Actions Prior To Withdrawal or Termination. Upon submission of a written notice of termination or withdrawal by a Party or Parties, the Party or Parties submitting such notice shall commence the development of a plan under which Operating Authority shall be transferred from the ISO to another entity. The Termination Date with respect to any PTO or the ISO shall not occur until both: (a) the ISO and all affected PTOs have agreed upon a plan addressing the technical, operational and market issues associated with the transfer of Operating Authority in connection with such termination or withdrawal and such plan has been implemented, provided that: (i) if the Parties are unable to reach agreement on such plan, any affected Party shall have the right to submit the matter to FERC for resolution without additional negotiation under Section 11.14; (ii) with respect to a withdrawal pursuant to Section 10.01(a), no PTO shall be required to remain a Party to this Agreement for longer than one year after providing notice of withdrawal; and (iii) in the event of a default by the ISO, the affected PTOs may require that the ISO immediately make arrangements for the orderly transfer of the ISO’s invoicing and collection functions with respect to such PTOs prior to the Termination Date in accordance with Section 10.03(b); and (b) all required regulatory approvals, if any, have been obtained for such withdrawal or termination, including any approvals required pursuant to Section 10.01(f).

Actions Prior To Withdrawal or Termination. Upon submission of a written notice of termination or withdrawal by a Party the Asset Owners or Partiesthe ISO, the Party or Parties Asset Owner submitting such notice shall commence the development of a plan under which Operating Authority shall be transferred from the ISO to another entity. The Termination Date with respect to any PTO the Asset Owner or the ISO shall not occur until both: (a) the ISO and all affected PTOs the Asset Owner have agreed upon a plan addressing the technical, operational operational, transmission service, and market issues associated with the transfer of Operating Authority in connection with such termination or withdrawal and such plan has been implemented, provided that: (i) if the Parties are unable to reach agreement on such plan, any affected Party shall have the right to submit the matter to FERC for resolution without additional negotiation under Section 11.1411.12; (ii) with respect to a withdrawal pursuant to Section 10.01(a), no PTO the Asset Owner shall be required to remain a Party to this Agreement for no longer than one year after providing notice of withdrawal; and (iii) in the event of a default by the ISO, the affected PTOs Asset Owner may require that the ISO immediately make arrangements for the orderly transfer of the ISO’s invoicing and collection functions with respect to such PTOs Asset Owner, if applicable, prior to the Termination Date in accordance with Section 10.03(b); and (b) all required reliability and regulatory approvals, if any, have been obtained for such withdrawal or termination, including any approvals required pursuant to Section 10.01(f10.01(e).